A closely followed crypto strategist thinks Ethereum (ETH) is gearing up for a massive breakout against Bitcoin (ETH/BTC).
Analyst Benjamin Cowen tells his 849,000 followers on the social media platform X that the ETH/BTC trading pair may be setting up for a bullish reversal in 2025 after being stuck in a downtrend for about one year.
[adinserter block="1"]“One year later and it’s almost complete. I think that the altcoin reckoning will end this year. The altcoin reckoning refers to the devaluation of altcoins on their BTC pairs. Next year, ETH/BTC should go up, but still four and a half months to go before 2025.”
ETH/BTC is trading for 0.04450 BTC ($2,584) at time of writing, down slightly in the last 24 hours.
Cowen also says in a new YouTube video that a possible correlation between Ethereum and the US Dollar Index (DXY) could indicate what ETH’s price action may be in the final months of 2024. The US Dollar Index is a benchmark of the value of the US dollar compared to a basket of other widely traded global currencies.
A DXY on an uptrend indicates a strengthening US dollar while a downtrending DXY indicates a weakening US dollar.
“With ETH, one of the things to note back then was that it did have a sell-off here in June, July and August [of 2016], just like we’ve had this year in June, July and August. September was green [in 2016]. So maybe we get a green September. And then October, November, December were red [in 2016]. So do be aware of that. But the reason why that’s interesting…the reason it was red was because the dollar was going up in Q4 of 2016.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
